World shares mixed…Germany says US has chosen ‘confrontation’ in trade spat…Sports Illustrated cuts more than a-quarter its staff
BEIJING (AP) – World shares were mixed today after Wall Street rebounded on investor hopes for a U.S. interest rate cut. London and Frankfurt opened higher and Tokyo rose while Hong Kong declined. Chinese markets were closed for a holiday. Wall Street is expected to open lower, with S&P futures down 0.3% and Dow futures down 0.2%
BERLIN (AP) – Germany’s foreign minister is accusing the U.S. of rejecting offers of an amicable solution in a trade spat and warning that the European Union could soon respond by raising tariffs on American goods. Heiko Maas says Washington is “going down the path of confrontation,” after the Trump administration slapped hefty taxes on EU goods after getting World Trade Organization approval over European subsidies for plane-maker Airbus.
LONDON (AP) – Oil company BP says 49-year-old Bernard Looney will take over as CEO as Bob Dudley, who oversaw the aftermath of the 2010 Gulf of Mexico oil spill, retires next year. BP says Dudley will step down as CEO and leave the board in early February after delivering the company’s 2019 full year results. He will retire at the end of March after a 40-year career. Looney is currently the head of BP’s upstream operations.
SEOUL, South Korea (AP) – Samsung Electronics says it has ended the production of smartphones in its last factory in China. Samsung says it made “the difficult decision to cease operations of Samsung Electronics Huizhou” in order “to enhance efficiency” in its manufacturing. Samsung’s market share in China has dwindled to near insignificance as competitors like Huawei (WAH’-way) and Xiaomi got the upper hand.
NEW YORK (AP) – Sports Illustrated’s new manager said Thursday that the 65-year-old sports magazine is cutting more than 40 jobs out of a staff of 150. A spokesman for Maven, the company now managing the magazine, says it will add 200 contractors to cover college and professional sports teams. He said that these people are “independent publishers, contractors” but “still professional journalists.”